Anyways, in SoCal, it's the land that's valuable. I see this all the time in Coronado. People pay $5 million for a hundred year old home and immediately knock it down to build something new.
In Pensacola yesterday a fire destroyed a 1906 house downtown that was being renovated. Total loss. Feel sorry for the owners because the sunk every dime they had into flipping this ‘historic’ old home. But they still can sell the property that is in a prime location................
I will criticize them for spending $12.5 million to buy a small piece of land in a crowded neighborhood.
The homes on 3 sides look into their property. No privacy.
I guess some sort of tax dodge. They have other homes.
Several years ago in Robbinsdale, Minnesota there was the Terrace theater which sat empty for many years. The owner of a grocery store next door bought the site and wanted to tear down the theater to expand the store and parking. They were blocked for many months by people who wanted to save the place. It all ended when a digger “accidentally” smashed in a wall....
Count me as one who likes mid-century cool. If I had the money I would buy one, but I sank it all into a 1792 New England Colonial, and a 19th century Cape in Maine.
All that's missing is the big Magnavox console with Sinatra crooning in the background. 